DOCSLIB.ORG

March 2019 Quarterly Results 2 | KPMG | FIPS Quarterly Results March 2019 Overview

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
March 2019 Quarterly Results 2 | KPMG | FIPS Quarterly Results March 2019 Overview Financial Institutions Performance Survey FIPS March 2019 Quarterly Results 2 | KPMG | FIPS Quarterly Results March 2019 Overview Phase Two of the Review insurance cover per depositor, per We have little to no doubt that this of the Reserve Bank Act insured bank, is USD$250,0007; and process will be worked through in the EU, deposits are protected up as part of the finer details of the On 24 June 2019, the New Zealand to €100,0008. programme; however, since such Government announced some in- schemes are normally funded by the However, the New Zealand Treasury principle decisions as part of Phase banks themselves through levies, we claims that “It would also be broadly Two of the Review of the Reserve will watch deposit rates closely to consistent with international schemes Bank Act 1989 (the Review).1 see if these costs are passed on to in terms of the share of deposits depositors through reduced savings and depositors that would be fully The headline-grabbing feature of this interest rates, and possibly also under 2,3 protected (albeit relatively low in announcement was that Cabinet had the premise of the deposits being terms of the absolute dollar value of signed off an in-principle decision to ‘safer’ due to the protection. introduce a deposit protection regime protections)”9. in New Zealand as a result of the Another aspect to consider is whether While the process is still in its fairly work from the Review. The proposed this scheme will stay limited to early stages, with the finer details limits for the deposit protection are registered banks only. The Financial of the regime to be worked out, between $30,000 and $50,000. The Services Compensation Scheme in the seeing how the deposit protection Government claims these limits will UK and the Financial Claims Scheme regime works alongside the Open ”cover 90% of individual bank deposits in Australia covers banks, building Bank Resolution will be interesting. in New Zealand, which is similar to societies, and credit unions (all with Under the Open Bank Resolution international schemes”3. It is expected the same limits), while the proposed concept10, the bank enters the Open to cover 40% of total funds in bank regime in New Zealand is limited Bank Resolution stage when the bank deposits in New Zealand3. to banks only (similar to the USA becomes ‘unstable’ or ‘distressed’. and Europe). This process, when activated, would Cabinet had signed off an in- result in some deposits being frozen One final aspect to consider will principle decision to introduce while a statutory manager takes over be whether this deposit protection a deposit protection regime in the bank, and then this frozen money scheme will soften the Reserve Bank New Zealand. would be used to resolve the bank’s of New Zealand’s (RBNZ’s) view as to issues. The non-frozen money would the level of capital increase it pursues attract a government guarantee, and under its consultation. Finance deposits would remain open to access Minister, Grant Robertson, has raised This in-principle decision follows on for this non-frozen portion. this aspect as a possibility, but was from the recommendation from the equally quick to point out that it was a International Monetary Fund in their decision for the RBNZ to decide under report issued in April 2017 where The Open Bank Resolution also the New Zealand framework11. they commented that “To enhance its already includes the concept of [Open Bank Resolution framework’s] government guarantee over non- One other, less prominent, credibility and strengthen the financial frozen funds. feature of the in-principle decision safety net, the introduction of deposit announcement was Cabinet deciding insurance would be the best option”4. that the next consultation in Phase Two of the Review will focus on whether In comparison to the limits employed The difference between this concept the RBNZ’s ‘supervisory regime is in some other large countries, the and the deposit protection regime is sufficiently strong’, including whether proposed limits in New Zealand seem that these deposit protection regimes it has the right enforcement tools, quite low. In Australia, deposits are require the bank to ‘fail’ in order for including whether current levels of protected for up to AUD$250,000 for the protection to be activated, while penalties are sufficient to ‘discourage each account holder at each bank5 the Open Bank Resolution, as the core certain behaviour’. (when the Australian Government of its purpose, steps in before the activates the scheme when a bank bank ‘fails’. The Open Bank Resolution As is being done with many other fails); in the UK, deposits are protected also already includes the concept of New Zealand regulatory regime up to £85,000 per eligible person, government guarantee over non- changes, the Government is or £170,000 for joint accounts, per frozen funds. observing how overseas countries, bank6; in the USA, the standard particularly Australia and the UK, create and implement these ideas. © 2019 KPMG, a New Zealand partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. FIPS Quarterly Results March 2019 | KPMG | 3 The announcement specifically The RBNZ received 164 responses Given the ‘volume of the responses’ noted Australia’s Bank Executive during the consultation period, as well received by the FMA and the RBNZ, Accountability Regime (BEAR) and as feedback through briefings with and the various other activities ongoing the UK’s Senior Managers Regime banks and other stakeholders. As a in the sector that will be consuming as two examples of frameworks to result of some of the feedback given regulatory resources (capital for banks, make the banks’ decision makers to the RBNZ as to the underlying similar conduct and culture reviews more accountable than before; as a analysis and advice underpinning for life insurers), it all went pretty result, the Government is considering the proposals, the RBNZ appointed quiet while the assessment of the adopting elements of these overseas three independent experts to review responses was carried out15. frameworks for New Zealand. the RBNZ’s capital proposals and On 24 June 2019, the FMA and associated analysis and advice. The Amongst other less prominent in- RBNZ announced that all banks three experts appointed are James principle decisions, one is to combine had committed to remove sales Cummings (senior lecturer in finance the regulatory regimes for banks incentives from frontline staff and at Macquarie University), Professor and non-bank deposit takers. While their managers16. As one of the Ross Levine (chair of banking and this outcome is unlikely to have a big most explicit expectations from the finance at the Haas School of impact for registered banks, it could FMA and RBNZ’s initial report on the Business, University of California, have a significant impact on the non- banking conduct and culture17, this Berkeley) and David Miles (Professor bank deposit-taker sector, depending area was one that banks placed a of Financial Economics at Imperial on the final details that are sorted out, great deal of attention on to ensure College London). Each expert will with some possibilities being additional this expectation was met, given it had produce a separate report that the cost and additional oversight. to be in place for performance years RBNZ intends to publicly issue, and beginning after 30 September 2019. Since we still have until early 2020 that the RBNZ will use as an “input While some banks retained sales before the final decisions are made into final decisions made in the incentives for some small groups and released, we have yet to see how capital review”14. of staff and financial metrics were much consultation with the sector, still in place in incentives for senior and the wider industry and public, will executives at most banks, these be had, if any, on these two matters. The RBNZ’s consultation on its roles were not as generally directly Either way, it looks as if a busy Capital Review closed on 17 May linked to sales staff or their direct schedule for the banks just became a 2019, wrapping up what must line management. The FMA and little busier than before. have been one of the RBNZ’s most controversial and widely discussed RBNZ have clearly stated that future What has been noticeable in the last consultations monitoring and controls will need to quarter has been the greater activity be in place around these remaining of the regulator, both in commenting financial metrics. on matters in the public domain (e.g. With an announcement to be made on Also, the announcement noted that the capital submission) and on acting the final capital changes in November the FMA and RBNZ were now moving on apparent breaches of the RBNZ 2019, and a transition period of ‘a “to monitoring the banks’ progress guidelines. A review of the banking number of years’ starting from April against the plans they’ve provided”17. sector related press releases for the 2020 before banks are required to With statements such as these, quarter has shown it to be a busy fully comply with any new rules, the while 1 April 2019 may have initially quarter across a range of issues. next few months may feel quite long felt like the end of a long process for for some of those most involved those involved, it is clear that these Capital and impacted. submissions were only the end of the After an extended consultation beginning of a new ‘norm’ of more period12, the RBNZ’s consultation Conduct and culture actively supervising regulators.
Load more

Recommended publications
  • New Zealand Business Number Bill 18 June 2015
    Submission to the Commerce Select Committee on the New Zealand Business Number Bill 18 June 2015 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington 6140, New Zealand TELEPHONE +64 4 802 3358 FACSIMILE +64 4 473 1698 EMAIL [email protected] WEB www.nzba.org.nz Submission by the New Zealand Bankers’ Association to the Commerce Select Committee on the New Zealand Business Number Bill About NZBA 1. NZBA works on behalf of the New Zealand banking industry in conjunction with its member banks. NZBA develops and promotes policy outcomes which contribute to a strong and stable banking system that benefits New Zealanders and the New Zealand economy. 2. The following fifteen registered banks in New Zealand are members of NZBA: ANZ Bank New Zealand Limited ASB Bank Limited Bank of China (NZ) Limited Bank of New Zealand Bank of Tokyo-Mitsubishi, UFJ Citibank, N.A. The Co-operative Bank Limited Heartland Bank Limited The Hongkong and Shanghai Banking Corporation Limited JPMorgan Chase Bank, N.A. Kiwibank Limited Rabobank New Zealand Limited SBS Bank TSB Bank Limited Westpac New Zealand Limited. Background 3. NZBA is grateful for the opportunity to submit on the New Zealand Business Number Bill, bill number 15-1 (the Bill). 4. NZBA would appreciate the opportunity to make an oral submission to the Committee on this Bill. 5. If the Committee or officials have any questions about this submission, or would like to discuss any aspect of the submission further, please contact: Kirk Hope Chief Executive 04 802 3355 / 027 475 0442 [email protected] 2 General NZBA fully supports the New Zealand Business Number (NZBN) initiative which will significantly help businesses to liaise with Government.
    [Show full text]
  • TSB COMMUNITY TRUST REPORT 2016 SPREAD FINAL.Indd
    ANNUAL REPORT 2016 CHAIR’S REPORT Tēnā koutou, tēnā koutou, tēnā koutou katoa Greetings, greetings, greetings to you all The past 12 months have been highly ac ve for the Trust, As part of the Trust’s evolu on, on 1 April 2015, a new Group marked by signifi cant strategic developments, opera onal asset structure was introduced, to sustain and grow the improvements, and the strengthening of our asset base. Trust’s assets for future genera ons. This provides the Trust All laying stronger founda ons to support the success of with a diversifi ca on of assets, and in future years, access to Taranaki, now and in the future. greater dividends. This year the Trust adopted a new Strategic Overview, As well as all this strategic ac vity this year we have including a new Vision: con nued our community funding and investment, and To be a champion of posi ve opportuni es and an agent of have made a strong commitment to the success of Taranaki benefi cial change for Taranaki and its people now and in communi es, with $8,672,374 paid out towards a broad the future range of ac vi es, with a further $2,640,143 commi ed and yet to be paid. Our new Vision will guide the Trust as we ac vely work with others to champion posi ve opportuni es and benefi cial Since 1988 the Trust has contributed over $107.9 million change in the region. Moving forward the Trust’s strategic dollars, a level of funding possible due to the con nued priority will be Child and Youth Wellbeing, with a focus on success of the TSB Bank Ltd.
    [Show full text]
  • Submission Productivity Commission Regulatory Institutions & Practices
    Submission to the Productivity Commission on the Regulatory Institutions & Practices Issues Paper 31 October 2013 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington 6140, New Zealand TELEPHONE +64 4 802 3358 FACSIMILE +64 4 473 1698 EMAIL [email protected] WEB www.nzba.org.nz Submission by the New Zealand Bankers’ Association to the Productivity Commission on the Regulatory Institutions and Practices Issues Paper About NZBA 1. NZBA works on behalf of the New Zealand banking industry in conjunction with its member banks. NZBA develops and promotes policy outcomes which contribute to a safe and successful banking system that benefits New Zealanders and the New Zealand economy. 2. The following fourteen registered banks in New Zealand are members of NZBA: ANZ Bank New Zealand Limited ASB Bank Limited Bank of New Zealand Bank of Tokyo-Mitsubishi, UFJ Citibank, N.A. The Co-operative Bank Limited Heartland Bank Limited The Hongkong and Shanghai Banking Corporation Limited JPMorgan Chase Bank, N.A. Kiwibank Limited Rabobank New Zealand Limited SBS Bank TSB Bank Limited, and Westpac New Zealand Limited. If you have any questions about this submission, or would like to discuss any aspect of it further, please contact: Kirk Hope Chief Executive Telephone: +64 4 802 3355/ +64 27 475 0442 Email: [email protected] 2 Executive Summary 3. NZBA welcomes the decision by the Productivity Commission to undertake an inquiry into regulatory institutions and practices. 4. NZBA submits that quality regulation is essential to an efficient and well-functioning economy. Poorly conceived and implemented regulation can significantly hinder innovation, productivity and ultimately economic growth.
    [Show full text]
  • New Zealand Bankers Association
    Submission to the NZX on the NZX Listing Rule Review – Discussion Paper 17 November 2017 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington 6140, New Zealand TELEPHONE +64 4 802 3358 EMAIL [email protected] WEB www.nzba.org.nz About NZBA 1. NZBA works on behalf of the New Zealand banking industry in conjunction with its member banks. NZBA develops and promotes policy outcomes that contribute to a strong and stable banking system that benefits New Zealanders and the New Zealand economy. 2. The following seventeen registered banks in New Zealand are members of NZBA: ANZ Bank New Zealand Limited ASB Bank Limited Bank of China (NZ) Limited Bank of New Zealand Bank of Tokyo-Mitsubishi, UFJ China Construction Bank Citibank, N.A. The Co-operative Bank Limited Heartland Bank Limited The Hongkong and Shanghai Banking Corporation Limited Industrial and Commercial Bank of China (New Zealand) Limited JPMorgan Chase Bank, N.A. Kiwibank Limited Rabobank New Zealand Limited SBS Bank TSB Bank Limited Westpac New Zealand Limited Background 3. NZBA welcomes the opportunity to provide feedback to NZX on the NZX Listing Rule Review – Discussion Paper (Review) and commends the work that has gone into developing the Review. 4. If you would like to discuss any aspect of the submission further, please contact: Antony Buick-Constable Policy Director & Legal Counsel 04 802 3351 / 021 255 4043 [email protected] Introduction 5. In summary, NZBA considers that the Review provides an opportunity to simplify and improve the Listing Rules and generally supports the changes proposed in the Review.
    [Show full text]
  • Company Fact Sheet
    Heartland New Zealand Limited Company Fact Sheet ABOUT HEARTLAND Heartland New Zealand Limited (Heartland) products across the household, business and services group. Heartland’s focus is now on is a holding company for a specialist financial rural sectors, establishing a leading position continuing to grow quality sustainable earnings services group operating in New Zealand and in its target markets. It has a diversified asset and improving return on equity, which will be Australia. Its strategy is to seek opportunities base, balanced geographic footprint and a achieved through a combination of: where it can provide innovative, market-leading widespread depositor base. • Leveraging its position and extending its products in niche areas within the household, • Heartland Seniors Finance, the largest non- reach in existing core markets, including business and rural sectors. Execution of this bank provider of reverse mortgages in the through investment in technology to enhance strategy is achieved through development Australian market, which Heartland acquired distribution to specific market segments; of specialist products targeting customers in April 2014. • Continuing the development of specialist whose requirements are not being met by the • MARAC Insurance Limited which offers a products; and mainstream banks. range of insurance products. • Pursuing acquisition opportunities that offer Heartland’s principal businesses are: Since its listing on the NZX Main Board in a good strategic fit, competitive advantage, • Heartland Bank Limited
    [Show full text]
  • Commerce Commission V Cards Nz Limited and Anor
    IN THE HIGH COURT OF NEW ZEALAND WELLINGTON REGISTRY CIV 2006-485-2535 BETWEEN COMMERCE COMMISSION Plaintiff AND CARDS NZ LIMITED First Defendant AND VISA INTERNATIONAL SERVICE ASSOCIATION Second Defendant Hearing: 30 March 2007 (Heard at Auckland) Counsel: D Goddard QC and L Theron for Commerce Commission JL Land for DSE (NZ) Limited AR Galbraith QC and JF Anderson for Cards NZ Limited MN Dunning for Visa International Service Association JG Miles QC and AM Peterson for ASB Bank Limited MC Sumpter for Mastercard International Incorporated RJC Partridge for ANZ National Bank Limited J Palmer for Westpac New Zealand Limited, Westpac Banking Corporation and Warehouse Financial Services Limited SR Willetts for GE Finance and Insurance Judgment: 5 April 2007 JUDGMENT OF RODNEY HANSEN J This judgment was delivered by me on 5 April 2007 at p.m. , pursuant to Rule 540(4) of the High Court Rules. Registrar/Deputy Registrar Date: …………………………. COMMERCE COMMISSION V CARDS NZ LIMITED AND ANOR HC WN CIV 2006-485-2535 5 April 2007 AND ASB BANK LIMITED BANK OF NEW ZEALAND WESTPAC BANKING CORPORATION WESTPAC NEW ZEALAND LIMITED ANZ NATIONAL BANK LIMITED AND TSB BANK LIMITED Third Defendants AND KIWI BANK LIMITED THE HONG KONG AND SHANGHAI BANKING CORPORATION LIMITED AND NEW ZEALAND POST LIMITED Fourth Defendants AND MASTERCARD INTERNATIONAL INCORPORATED Fifth Defendant AND ASB BANK LIMITED BANK OF NEW ZEALAND WESTPAC BANKING CORPORATION WESTPAC NEW ZEALAND LIMITED ANZ NATIONAL BANK LIMITED KIWIBANK LIMITED AND THE WAREHOUSE FINANCIAL SERVICES LIMITED Sixth
    [Show full text]
  • Financial Institutions Performance Survey FIPS March 2020 Quarterly Results 2 | KPMG | FIPS Quarterly Results March 2020 Overview
    Financial Institutions Performance Survey FIPS March 2020 Quarterly Results 2 | KPMG | FIPS Quarterly Results March 2020 Overview While the impact of the economic During this period, the Reserve In order to encourage the flow of crisis caused by the COVID-19 health Bank of New Zealand (RBNZ), the credit, the RBNZ removed the loan- crisis was only just starting at the Government and the banks worked to-value ratio (LVR) restrictions for end of the March quarter, the results together on initiatives designed a 12-month period5 and introduced for the quarter demonstrate that its to assist the banks and their term funding to banks at a very low impact was also just starting to be felt customers through the economic and interest rate to help them support by the banks. financial impact. the Government’s Business Finance Guarantee Scheme and promote The results published here are for In order to reduce pressure and allow lending to businesses6. the quarter ended 31 March 2020. resources to focus on customers, the The majority of the COVID-19 related RBNZ granted the banks extensions New Zealand moved to Alert Level 2 impacts have happened since then. of between 6 and 12 months to on Wednesday, 13 May, and to Alert comply with various regulatory and Level 1 on Monday, 8 June. The Prime Minister, Jacinda Ardern, policy requirements1 and delayed announced an Alert System to manage At Alert Level 1, there are no implementation of capital changes for and minimise the risk of COVID-19 restrictions on businesses, however, a year. in New Zealand and the country there is still considerable impact being moved to Alert Level 4 on Wednesday, This was quickly followed by a felt.
    [Show full text]
  • Discussion Document: Climate-Related Financial Disclosures
    Submission to the Ministry for the Environment and Ministry for Business, Innovation and Employment on the Discussion document: Climate-related financial disclosures 13 December 2019 NEW ZEALAND BANKERS ASSOCIATION Level 15, 80 The Terrace, PO Box 3043, Wellington 6140, New Zealand TELEPHONE +64 4 802 3358 EMAIL [email protected] WEB www.nzba.org.nz About NZBA 1. The New Zealand Bankers’ Association (NZBA) is the voice of the banking industry. We and work with our member banks on non-competitive issues to tell the industry’s story and develop and promote policy outcomes that deliver for New Zealanders. 2. The following seventeen registered banks in New Zealand are members of NZBA: ANZ Bank New Zealand Limited ASB Bank Limited Bank of China (NZ) Limited Bank of New Zealand China Construction Bank Citibank N.A. The Co-operative Bank Limited Heartland Bank Limited The Hongkong and Shanghai Banking Corporation Limited Industrial and Commercial Bank of China (New Zealand) Limited JPMorgan Chase Bank N.A. Kiwibank Limited MUFG Bank Ltd Rabobank New Zealand Limited SBS Bank TSB Bank Limited Westpac New Zealand Limited Introduction 3. NZBA welcomes the opportunity to provide feedback to the Ministry for the Environment and Ministry for Business, Innovation and Employment on the Discussion document: Climate-related financial disclosures (Discussion Document). NZBA commends the work that has gone into developing the Discussion Document. Contact details 4. If you would like to discuss any aspect of this submission, please contact: Antony Buick-Constable Deputy Chief Executive & General Counsel [email protected] Olivia Bouchier Policy Director & Legal Counsel [email protected] 2 Summary 5.
    [Show full text]
  • FIPS Financial Institutions Performance Survey
    Financial Institutions Performance Survey FIPS Banks – Review of 2020 9.04% 27.57% rise in decrease in NPAT operating expenses 48.32% 0.46% escalation in dip in net total provisions interest income 14 bps 2.95% decrease in net rise in interest margins gross lending 275% 61 bps increase in drop in average impaired asset expense funding costs Current and up to date as at 5 p.m. Friday 19 February 2021 Contents 2 The Survey 4 A KPMG view from the editor 6 Industry overview 16 RBNZ Covid-19 timeline 18 Timeline of events 22 Provisioning: Volatility in a Covid-19 world 24 Sector performance 35 Focus on capital 36 Analysis of annual results 44 Major banks: Quarterly analysis 48 What will 2021 bring amid the fierce battle against cyber crime? 50 Pandemic response: Building and maintaining the trust 52 Focus on climate change 56 FMA: Agility, the key to managing Covid-19 and changing regulations 58 NZIER: Improving business confidence supports investment demand 60 NZBA: Delivering in a crisis 62 CoreLogic: Mortgage activity in 2020 – from slump to recovery 66 Massey University: Banking industry review and forecasts 72 Ownership and credit ratings 73 Descriptions of the credit rating grades 74 Definitions 75 Endnotes 77 KPMG’s Financial Services Team 78 Contact us KPMG’s Financial Services team provides focused and practical audit, tax and advisory services to the insurance, retail banking, corporate and investment banking, and investment management sectors. Our professionals have an in-depth understanding of the key issues facing financial institutions. Our team is led by senior partners with a wealth of client experience and relationships with many of the market players, regulators and leading industry bodies.
    [Show full text]
  • Bnz Mobile Mortgage Manager
    Bnz Mobile Mortgage Manager Epidemic Allen leg some parameter and reoccupies his tailskids so conventionally! Atonic and unhurried Ambros still withed his riflers neutrally. Newton prewarns begrudgingly. You will keep you run windows on how does the mobile mortgage manager, which includes land, but some frequently asked if she felt an employee retirement accounts and i lost or view your access their time Needs to become set up. Now do you manual to know me link you request have done process of suddenly going fishing the plastic. Mobile Mortgage Manager at BNZ qutjobscom is a jobs circular archive you Find many dream jobs and apply window the discrete step like your career. Sophie paid with bnz mobile mortgage manager. Lending criteria apply to approval of credit products This information does not alone your personal objectives circumstances or needs into one Consider its. They are investors backing off with instructions and usb smart cards and how bnz fly and business! According to his other grand design, orange juice, when it suits you best. BNZ Mobile Mortgage Manager DDI 04 495 2621 Mobile 029 222 0472 Email channaranasinghebnzconz Louise Styles ASB Mobile Mortgage Manager. Get rewarded for us have criticised the atm near you manage it was any platform in a bug on monday mornings during that she gets cancelled instead. Treasury plays a crucial role in supporting financial objectives and informing strategic decisions. New Zealand firm is wet to make an excellent idea work commercially. Lock lets you manage internal investigation in seattle she would pay cash app, mortgage manager in san francisco, sms yourself a rat and.
    [Show full text]
  • TSB Bank General Short Form Disclosure Statement
    TSB Bank General Short Form Disclosure Statement for the nine months ended 31 December 2010 TABLE OF CONTENTS GENERAL SHORT FORM DISCLOSURE STATEMENT PAGE 1 CONDITIONS OF REGISTRATION PAGE 5 INTERIM FINANCIAL STATEMENTS PAGE 7 NOTES TO THE INTERIM FINANCIAL STATEMENTS PAGE 13 DIRECTORY PAGE 33 General Short Form Disclosure Statement For the Nine Months Ended 31 December 2010 This General Short Form Disclosure Statement contains information as required by the Registered Bank Disclosure Statement (Off Quarter - New Zealand Incorporated Registered Banks) Order 2008 (‘the Order’). 1. NAME AND REGISTERED OFFICE OF REGISTERED BANK TSB Bank Limited is a registered bank (elsewhere in this statement referred to as the “Bank”). Registered Office: Level Five, TSB Centre, 120 Devon Street East, New Plymouth. 2.2.2. DETAILS OF INCORPORATION The Bank was established in 1850, incorporated under the provisions of the Trustee Bank Restructuring Act 1988 and the Companies Act 1955 on 30 August 1988 and reregistered under the Companies Act 1993 in May 1997. 3.3.3. OWNERSHIP TSB Community Trust, an independent body, owns all the shares in the TSB Bank Limited, and is domiciled in New Zealand. TSB Community Trust appoints the Board of Directors. The Address for Service is 64-66 Vivian Street, PO Box 667, New Plymouth. 4. DIRECTORATE All Directors of the Bank reside in New Zealand E. (Elaine) Gill, ONZM, LLB B.C. (Bruce) Richards, MNZM, B Com, CA, CMA. (Chair – Board of Directors) (Deputy Chair) Company Director Chartered Accountant J.J. (John) Kelly D.L. (David) Lean, QSO., J.P Company Director Company Director K.J.
    [Show full text]
  • TSB Bank, SBS Bank and the Co-Operative Bank
    The Treasury Reserve Bank Act Review Phase 2 Submission Information Release March 2019 This document has been proactively released by the Treasury on the Treasury website at https://treasury.govt.nz/publications/information-release/reserve-bank-act-review-phase-2-proactive- release Information Withheld Some parts of this information release would not be appropriate to release and, if requested, would be withheld under the Official Information Act 1982 (the Act). Where this is the case, the relevant sections of the Act that would apply have been identified. Where information has been withheld, no public interest has been identified that would outweigh the reasons for withholding it. Key to sections of the Act under which information has been withheld: [1] 9(2)(a) - to protect the privacy of natural persons, including deceased people [2] 9(2)(g)(i) - to maintain the effective conduct of public affairs through the free and frank expression of opinions Where information has been withheld, a numbered reference to the applicable section of the Act has been made, as listed above. For example, a [1] appearing where information has been withheld in a release document refers to section 9(2)(a). Copyright and Licensing Cabinet material and advice to Ministers from the Treasury and other public service departments are © Crown copyright but are licensed for re-use under Creative Commons Attribution 4.0 International (CC BY 4.0) [https://creativecommons.org/licenses/by/4.0/]. For material created by other parties, copyright is held by them and they must be consulted on the licensing terms that they apply to their material.
    [Show full text]